EDITORIAL

Ladies and Gentlemen,

In the 2018 financial year, the Aduno Group drove its strategy forward in its two divisions Payment, with payment card products, and Consumer Finance, with private credit and leasing offerings. Effective 1 October, we upped our previous 30 per cent stake in Accarda AG to 100 per cent. Accarda specialises in customer cards featuring a payment function, mobile payments, gift cards and bonus programmes, and operates the popular myOne customer card programme for Manor and Jumbo, among others. Accarda is an outstanding strategic fit for the Aduno Group. It strengthens our card business and allows us to exploit economies of scale with our existing portfolio. As part of the drive to focus operations on the card business, the 67 per cent stake in Vibbek AG – the cloud-based software for payment terminals – was sold off. As the Aduno Group disposed of its terminal business the previous year, we are no longer the right owner for Vibbek.

The ongoing upscaling of our card business is underlined by the launch of Debit Mastercard® and Mastercard® Flex. These next-generation payment cards combine the benefits of the traditional debit card with modern functions and features such as online shopping, worldwide acceptance, security and full spending control. This marks an exciting expansion by the Aduno Group into the debit card business, where it can tap into new customer groups and sales potential.

Responsibility for implementing the strategy defined by the Board of Directors of Aduno Holding lies with the Executive Board. Since 1 September 2018, the Board has been led by our new CEO Max Schönholzer, a finance expert with extensive management experience. The financial result for 2018 confirms that the chosen strategic direction is the right one: the Aduno Group was able to increase sales by around 11 per cent, with both business units contributing to this performance. The Group result from continuing operations was influenced by special factors and is likewise higher than the previous year on a like-for-like basis.

This is the last Annual Report to be compiled according to International Financial Reporting Standards (IFRS). This is due to the complexity of IFRS, which entails major administrative costs. From this year forward the Aduno Group will report according to the Swiss accounting standard Swiss GAAP ARR, as do many other listed Swiss companies.

We will continue to consistently implement our strategy in 2019. The Aduno Group intends to capitalise on its leading role as a driver of innovation in order to consolidate its position on the market. In its capacity as a centre of competence for cashless payments, it will support its customer banks as they transition to the digital and mobile future. Thus, the conditions are set for another good year for the Aduno Group in 2019.

The current and future success of the Aduno Group depends on the combined effort of many people. With that in mind, we would like to thank: the customers who place their trust in us. Our customer banks that support us. And our employees, who each day demonstrate their hard work and commitment and turn our mission statement into reality: Aduno Group – the smart way to pay.

Pascal Niquille
Chairman of the Board of Directors

Max Schönholzer
Chief Executive Officer

Pascal Niquille
Chairman of the Board of Directors

Max Schönholzer
Chief Executive Officer